Common use of Recourse to Initial Security Clause in Contracts

Recourse to Initial Security. (a) SFV may only draw on the Initial Security if LTES Operator has failed to: (i) pay the Termination Amount in accordance with clause 15.4 (“Termination payment”); or (ii) provide a replacement Initial Security to SFV where required under clause 4.2 (“Replacement of Initial Security”). (b) If SFV draws on the Initial Security in accordance with subparagraph (a)(ii), then SFV will: (i) hold that amount on trust for LTES Operator and SFV; and (ii) promptly pay the amounts held on trust to LTES Operator (including any interest) if LTES Operator provides a replacement Initial Security in accordance with clause 4.2 (“Recourse to Initial Security”) (disregarding any timing requirements in clause 4.2). (c) If SFV is holding an amount on trust pursuant to paragraph (b) and is entitled to draw on the Initial Security in accordance with subparagraph (a)(i), then SFV may retain those funds (including any interest) to which it is entitled for its own benefit.

Recourse to Initial Security. (a) SFV may only draw on the Initial Security if LTES Operator has failed to: (i) pay the Termination Amount in accordance with clause 15.4 (“Termination payment”); or (ii) provide a replacement Initial Security to SFV where required under clause 4.2 (“Replacement of Initial Security”). (b) If SFV draws on the Initial Security in accordance with subparagraph (a)(ii), then SFV will: (i) hold that amount on trust for LTES Operator and SFV; and (ii) promptly pay the amounts held on trust to LTES Operator (including any interest) if LTES Operator provides a replacement Initial Security in accordance with clause 4.2 (“Recourse to Initial Security”) (disregarding any timing requirements in clause 4.2). (c) If SFV is holding an amount on trust pursuant to paragraph (b) and is entitled to draw on the Initial Security in accordance with subparagraph (a)(i), then SFV may retain those funds (including any interest) to which it is entitled for its own benefit.

Recourse to Initial Security. (a) SFV may only draw on the Initial Security if LTES Operator has failed to: (i) pay the Termination Amount in accordance with clause 15.4 (“Termination payment”); or (iiA) provide a replacement Initial Security to SFV where required under clause 4.2 (“Replacement of Initial Security”). (b) If SFV draws on the Initial Security in accordance with subparagraph (a)(iia)(i)(A), then SFV will: (i) hold that amount on trust for LTES Operator and SFV; and (ii) promptly pay the amounts held on trust to LTES Operator (including any interest) if LTES Operator provides a replacement Initial Security in accordance with clause 4.2 (“Recourse to Initial Security”) (disregarding any timing requirements in clause 4.2). (c) If SFV is holding an amount on trust pursuant to paragraph (b) and is entitled to draw on the Initial Security in accordance with subparagraph (a)(i), then SFV may retain those funds (including any interest) to which it is entitled for its own benefit.

Recourse to Initial Security. (a) SFV may only draw on the Initial Security if LTES Operator has failed to: (i) pay the COD Termination Amount in accordance with clause 15.4 22.4 (“Termination paymentpayments”); or; (ii) provide a replacement Initial Security to SFV where required under clause 4.2 3.2 (“Replacement of Initial Security”). (b) If SFV draws on the Initial Security in accordance with subparagraph (a)(ii), then SFV will: (i) hold that amount on trust for LTES Operator and SFV; and (ii) promptly pay the amounts held on trust to LTES Operator (including any interest) if LTES Operator provides a replacement Initial Security in accordance with clause 4.2 (“Recourse to Initial Security”) (disregarding any timing requirements in clause 4.2)3.2. (c) If SFV is holding an amount on trust pursuant to paragraph (b) and is entitled to draw on the Initial Security in accordance with subparagraph (a)(i), then SFV may retain those funds (including any interest) to interest)to which it is entitled for its own benefit.

Recourse to Initial Security. (a) SFV may only draw on the Initial Security if LTES Operator has failed to: (i) pay the Termination Amount in accordance with clause 15.4 (“Termination payment”); or (ii) provide a replacement Initial Security to SFV where required under clause 4.2 (“Replacement of Initial Security”). (b) If SFV draws on the Initial Security in accordance with subparagraph (a)(ii), then SFV will: (i) hold that amount on trust for LTES Operator and SFV; and (ii) promptly pay the amounts held on trust to LTES Operator (including any interest) if LTES Operator provides a replacement Initial Security in accordance with clause 4.2 (“Recourse to Replacement of Initial Security”) (disregarding any timing requirements in clause 4.2). (c) If SFV is holding an amount on trust pursuant to paragraph (b) and is entitled to draw on the Initial Security in accordance with subparagraph (a)(i), then SFV may retain those funds (including any interest) to which it is entitled for its own benefit.

Recourse to Initial Security. (a) SFV may only draw on the Initial Security if LTES Operator has failed to: (i) pay the Termination Amount in accordance with clause 15.4 (“Termination payment”); or (ii) provide a replacement Initial Security to SFV where required under clause 4.2 (“Replacement of Initial Security”). (b) If SFV draws on the Initial Security in accordance with subparagraph (a)(ii), then SFV will: (i) hold that amount on trust for LTES Operator and SFV; and (ii) promptly pay the amounts held on trust to LTES Operator (including any interest) if LTES Operator provides a replacement Initial Security in accordance with clause 4.2 (“Recourse to Initial Security”) (disregarding any timing requirements in clause 4.2). (c) If SFV is holding an amount on trust pursuant to paragraph (b) and is entitled to draw on the Initial Security in accordance with subparagraph (a)(i), then SFV may retain those funds (including any interest) to which it is entitled for its own benefit.

Recourse to Initial Security. ‌ (a) SFV may only draw on the Initial Security if LTES Operator has failed to:to:‌ (i) pay the Termination Amount in accordance with clause 15.4 (“Termination payment”); oror‌ (ii) provide a replacement Initial Security to SFV where required under clause 4.2 (“Replacement of Initial Security”).Security”).‌ (b) If SFV draws on the Initial Security in accordance with subparagraph (a)(ii), then SFV will:will:‌ (i) hold that amount on trust for LTES Operator and SFV; and (ii) promptly pay the amounts held on trust to LTES Operator (including any interest) if LTES Operator provides a replacement Initial Security in accordance with clause 4.2 (“Recourse to Initial Security”) (disregarding any timing requirements in clause 4.2). (c) If SFV is holding an amount on trust pursuant to paragraph (b) and is entitled to draw on the Initial Security in accordance with subparagraph (a)(i), then SFV may retain those funds (including any interest) to which it is entitled for its own benefit.

Recourse to Initial Security. (a) SFV may only draw on the Initial Security if LTES Operator has failed to: (i) pay the Termination Amount in accordance with clause 15.4 (“Termination payment”); or (ii) provide a replacement Initial Security to SFV where required under clause 4.2 (“Replacement of Initial Security”). (b) If SFV draws on the Initial Security in accordance with subparagraph (a)(ii), then SFV will: (i) hold that amount on trust for LTES Operator and SFV; and (ii) promptly pay the amounts held on trust to LTES Operator (including any interest) if LTES Operator provides a replacement Initial Security in accordance with clause 4.2 (“Recourse to Initial Security”) (disregarding any timing requirements in clause 4.2).Replacement of (c) If SFV is holding an amount on trust pursuant to paragraph (b) and is entitled to draw on the Initial Security in accordance with subparagraph (a)(i), then SFV may retain those funds (including any interest) to which it is entitled for its own benefit.

Recourse to Initial Security. ‌ (a) SFV may only draw on the Initial Security if LTES Operator has failed to:to:‌ (i) pay the Termination Amount in accordance with clause 15.4 (“Termination payment”); oror‌ (iiA) provide a replacement Initial Security to SFV where required under clause 4.2 (“Replacement of Initial Security”).Security”).‌ (b) If SFV draws on the Initial Security in accordance with subparagraph (a)(iia)(i)(A), then SFV will:will:‌ (i) hold that amount on trust for LTES Operator and SFV; and (ii) promptly pay the amounts held on trust to LTES Operator (including any interest) if LTES Operator provides a replacement Initial Security in accordance with clause 4.2 (“Recourse to Initial Security”) (disregarding any timing requirements in clause 4.2). (c) If SFV is holding an amount on trust pursuant to paragraph (b) and is entitled to draw on the Initial Security in accordance with subparagraph (a)(i), then SFV may retain those funds (including any interest) to which it is entitled for its own benefit.